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SEAS 1001 Class
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The Entrepreneurship
Choice
How many of you have thought
about being an entrepreneur?
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1. Not Interesting
2. Too Risky
3. Too Much Work
4. Too Young/Inexperienced
5. Too Much Opportunity Cost
6. Too Long
Why Not Entrepreneurship?
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Famous Entrepreneurs
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Technology Entrepreneurship
• Unfair Advantage
• Tech v. Non-Tech
• Fast Change
• Defensibility
• High Value-Add
• High Growth, Scalable
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Why Entrepreneurship?
• Making a Difference
• Creating a Vision
• Fun/Thrill
• Fame
• Financial Rewards
• BYOB
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Invention v. Innovation In its purest sense, invention can be defined as
the creation of a product or introduction of a
process for the first time. Innovation, on the
other hand, occurs if someone improves on or
makes a significant contribution to an existing
product, process or service.
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Senior Design Project
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Build-Measure-Learn
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Business Model
Canvas The Roadmap
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http://www.businessmodelgeneration.com/canvas
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Who Wants Me to Do
Their Homework? Projects you think have some commercial value?
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Product Market Fit
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Customer Segments
For whom are we creating value?
Who are our most important customers?
• Mass Market
• Niche Market
• Segmented
• Diversified
• Multi-sided Platform
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• What value do we deliver to the customer?
• Which one of our customer’s problems are we
helping to solve?
• What bundles of products and services are we
offering to each Customer Segment?
• Which customer needs are we satisfying?
Value Proposition
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• Through which Channels do our Customer Segments
want to be reached?
• How are we reaching them now?
• How are our Channels integrated?
• Which ones work best?
• Which ones are most cost-efficient?
• How are we integrating them with customer routines?
Channels
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• What type of relationship does each of our Customer
Segments expect us to establish and maintain with
them?
• Which ones have we established?
• How are they integrated with the rest of our business
model?
• How costly are they?
Customer Relationships
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• For what value are our customers really willing to
pay? For what do they currently pay?
• How are they currently paying? How would they
prefer to pay?
• How much does each Revenue Stream contribute to
overall revenues?
Revenue Streams
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• Who are our Key Partners?
• Who are our Key suppliers?
• Which Key Resources are we acquiring
• from partners?
• Which Key Activities do partners perform?
Key Partners
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• What Key Activities do our Value
• Propositions require?
• Our Distribution Channels?
• Customer Relationships?
• Revenue streams?
Key Activities
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• What Key Resources do our Value Propositions
require?
• Our Distribution Channels?
• Customer Relationships?
• Revenue Streams?
Key Resources
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• What are the most important costs inherent in our
business model?
• Which Key Resources are most expensive?
• Which Key Activities are most expensive?
Cost Structure
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Questions?
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The Minimal Viable
Product
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What Most Startups Want to Build
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What They Should Build First
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Eventually Build This
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Homework Problem/Solution Statement &
Business Model Canvas Customer Development Interview
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1. Problem/Solution Statement
• State the Problem You Are Trying to Solve
• Explain Your Solution, and How Is It Better Than
Existing Solutions
2. Business Model Canvas 3. Practice Customer Development Interview
Homework